secured creditors

[Brownie]

Just started an IVA. Blackhorse are pestering as they say our loan with them was HP and not personal finance. We were stupid and not realised this but had told clearstart/dfd that we could not find paperwork, thought they verified details with creditors. We sold caravan we purchased 2 years ago and used money for debt and holiday.Blackhorse asked for proof of sale, we were able to get CRIS, caravan reg people to confirm in an email that we had sold the caravan but apparently thats not enough. DFD are saying that if we can prove sale the loan can be treated as unsecured. However, they say if blackhorse not happy with proof we will have to pay them independently and they will not reduce IVA by amount that was included for BH. Anyone got any advice?

[kallis3]

Hi Brownie and welcome to the Forum.

I am not an expert, but one will be along in the moment who should be able to answer your question

[Brownie]

Thanks, could do with some advice. Just when you think tht things are looking up along comes another prob.

[Oliver]

You should be able to request the original loan agreement from Blackhorse to confirm if it was secured or not. Blackhorse are obliged to send you a copy.

[Brownie]

have done that and confirmed it was secured but we no longer have the caravan

[facingittogether]

hi and welcome!

so sorry you are having problems, hope you get the advice you need and can get things sorted!

barb x

[MelanieGiles]

It is not clear from your post whether the caravan was on HP or not? Can you clarify this please, as it is an offence to sell an asset subject to HP without the permission of the lender.

[Adam Davies]

Hi
If it was sold under a secured agreement I'm sure that the creditor can reclaim the property,even though it has been sold to a third party
Regards

[Moneystinks]

I think you are right. In theory. Obviously I think there are rules something to do with the outstanding credit etc. Might be totally wrong though. I used to deal with things like this believe it or not but it was a long time ago so my have changed - sorry waffling!!

[Brownie]

We now know caravan was on HP but thought it was loan and no longer have the caravan.The sum oustanding to BH was included in our IVA. DFD say that they annot reduc IVA by sum allowed for BH help us make monthly payments to BH as we will now have to do. Thay also say that this expenditure cannot be allowed for.

[Brownie]

Hi, turned to this forum after getting iva, although had read many postings prior to this.Thought that you could 'post' and not be judged but must have missed the point. We did mistakenly sell an item that was on HP, can't change that now! Looks as if we will fail our iva
because we cannot afford hp repayments and the iva repayments. DFD do not seem interested in trying to find a solution will not even reduce our IVA payment by the sum that was included for Black Horse. I was hoping for a quiter life after getting the iva but the uphill struggle continues! ust stupidly hoped that someone might have been in the same boat but heyho!!

[Skippy]

Hi Brownie, I'm sorry that you feel you are being judged - I'm sure no-one meant anything like that. What's done is done - we all make mistakes and the important thing now is to find a solution.

Can I just ask - have you spoken to your actual IP or just to a member of their admin staff? If you haven't, it might be worth emailing your IP direct as I've heard that DFD can be very slow to communicate. You can find your IP's email address on the Insolvency Service website - http://www.insolvency-service.co.uk/newipsearch.htm

Hopefully you will get more joy from them.

[Brownie]

Thankyou. We have only ever been able to speak with admin staff so will give that a try.

[Brownie]

Tried that link but web site is not available anymore!

[Skippy]

Ooops, sorry! That was my fault - there was a full stop at the end of the link.